For many people the thought of using an online e-currency can be a scary thing. We have all heard the horror stories of people being scammed and money being stolen by dishonest companies, but there are some companies out there that have worked hard to build up a good reputation for being honest and do what they can to fight frauds and scams that use e-currencies.
What is an e-currency?
Just putting the word e-currency into a search engine will bring up a huge list of strangely named currencies that you have probably never heard of. There are though a few big online currencies that are accepted by many merchants, companies and shops.
One of the main e-currencies that has been around for over 5 years is E-gold. This is an online payment system backed by real gold. You have an account, much like a bank account, and your gold is stored in that. E-gold themselves do not buy or sell e-gold, you have to do that through an e-currency exchanger. Once you have e-gold in your account you can spend it with any merchant who takes payment that way.
Another good e-currency is Pecunix. This is again an online payment system that is backed by gold. Pecunix essentially works the same as E-gold, so they do not buy and sell their own currency, and it is again stored in the account you have with them.
There are many more online currency systems including C-gold (backed by gold), Liberty Reserve (backed by gold) and Paypal (backed by credit cards).
What is an e-currency exchanger?
An e-currency exchanger converts money to your chosen e-currency and places it in your account for you to spend as you wish. Funds can be sent to an exchanger by many methods, but the most popular are bank transfer and Paypal.
Once you have sent your funds by your chosen method the exchanger converts it to whichever e-currency you have decided to use and places it in the account you have given them. Remember that all exchangers charge a commission to do the conversion for you.
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